What is SYNCB/Gap on your credit report?
SYNCB/Gap is a code that appears on your credit report when you apply for a Gap credit card issued by Synchrony Bank. This code represents a hard inquiry made by Synchrony Bank as they review your creditworthiness to determine if you qualify for the card. If you’ve recently applied for a Gap credit card, it’s normal to see SYNCB/Gap on your report.
Understanding the implications of this code can help you manage your credit effectively, especially if you’re monitoring your credit score closely.
Why SYNCB/Gap Appears After a Gap Card Application
When you apply for a Gap credit card, Synchrony Bank performs a credit check to assess your financial health. This results in a hard inquiry, which is recorded on your credit report under the code SYNCB/Gap. Hard inquiries are a routine part of the credit approval process and indicate that a lender has reviewed your credit report as part of their decision-making.
Even if your application is not approved, the inquiry remains on your report, signaling that you sought new credit.
How SYNCB/Gap Inquiries Can Affect Your Credit Score
Hard inquiries like SYNCB/Gap can lead to a small decrease in your credit score, usually by a few points. While this reduction is generally minimal, the effect can be more pronounced if you have multiple hard inquiries within a short timeframe. Lenders may view numerous inquiries as a sign that you’re actively seeking credit, which could raise concerns about your financial stability.
To minimize the impact, it’s wise to limit the number of credit applications you submit, especially if you plan to apply for significant loans or other lines of credit in the near future.
How long does SYNCB/Gap stay on your credit report?
SYNCB/Gap hard inquiries remain on your credit report for up to two years. During this time, they are visible to other lenders who may review your credit history when you apply for additional credit. While the impact of a hard inquiry on your credit score diminishes over time, the inquiry stays on your report until it automatically falls off after 24 months.
Monitoring your credit regularly can help you keep track of how long these inquiries have been on your report and understand their ongoing impact on your credit profile.
Addressing Unauthorized SYNCB/Gap Inquiries
If you notice an SYNCB/Gap inquiry on your credit report that you didn’t authorize, it’s important to investigate the matter promptly. Unauthorized inquiries can sometimes be a sign of identity theft or errors in credit reporting. Here’s how to proceed:
- Contact Synchrony Bank: Reach out to Synchrony Bank to inquire about the details of the inquiry. They can confirm whether the inquiry was made correctly or if it was an error.
- File a dispute with the credit bureaus: If the inquiry was unauthorized, you should dispute it with the major credit bureaus—Equifax, Experian, and TransUnion. Removing unauthorized inquiries can help protect your credit score and ensure the accuracy of your credit report.
- Consider a fraud alert: If you suspect identity theft, placing a fraud alert on your credit report can add an extra layer of protection, making it more difficult for unauthorized accounts to be opened in your name.
Can SYNCB/Gap inquiries be removed from your credit report?
If the SYNCB/Gap inquiry was not authorized or was recorded in error, you can dispute it with the credit bureaus to have it removed. Disputing incorrect inquiries is a way to ensure that your credit report accurately reflects your financial history and helps maintain your credit score.
While you can handle disputes on your own, some people opt to work with credit repair companies like Credit Saint. These services can assist with removing unauthorized inquiries and addressing other negative items on your credit report.
Take Action to Remove Inquiries Today
If you’re struggling with bad credit due to hard inquiries or other negative items, consider a free credit consultation with Credit Saint. They have helped many people in similar situations and can potentially help you too.
Visit their website and fill out the form to see what they can do for you and get your credit back on track.
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